South Korean company to build 2nd factory in Myanmar

South Korean apparel manufacturer Hansae Co. will construct a second factory in Myanmar as it moves to secure global competitiveness in the face of a strong local currency and a rise in raw material prices. The company, which makes clothes for many top global brands like Nike and GAP, said it is currently looking for a factory site in the country. No further details, including investment size and specific timelines, were revealed by the company, according to a report. Founded in 1982, Hansae has 17 corporations in six countries — Vietnam, Nicaragua, Guatemala, Indonesia, Myanmar and Haiti.